I was forwarded this very interesting interview of Steve Wynn, Founder and CEO of Mirage, from a May 28th interview on CNBC. Eddie Lampert, Sears, etc. had similar sentiment with his 2009 shareholder letter. Just something to think about and possibly why we have our latest bumps in the market. Our politicians are not leading but trying to whip society into populist frenzies regardless of consequences. Our nation is great because of its rule of law, property rights and the sanctity of contracts, and the current politicians are tearing that down.

Comments

What BP has done is terrible, and it must be fixed and paid for by BP. The Gulf Spill is a huge mistake. It is far worse, if the accident was the result of cost savings over safety and in the face of direct warnings of the risk. I don't beleive those facts have come out yet, however could another wrong make this right? Has our country moved into uncharted and dangerous territory for one group's self interest and desire to survive regardless of cost?

President Obama looks to have incited a panic in the shares of BP in his latest "kick ass" sound bite. Our country's President under pressure from the media and declining popularity in the polls for his handling of the Gulf Spill went further into his attack of BP. In the hopes of regaining media support and reversing his declining polls, he attacked another country's largest company. At present, BP seems to be saying they know they are wrong and they will fix it. What good is it that Obama attacks them and now tells the world that if he was in charge of BP that he would have fired the managment? Is this productive for the nation (Foster and promoting anger?), the fixing of the problem (telling those working around the clock that I will kick your a** basically), good will with our political allies (Britain can not like these attacks on a company that represents so much to their people, economy and pensions.) and attracting foreign investment (No, business is safe and which business might find itself under the Obama boot.)

This stunt just cost our country dearly and what did we the country receive for it? I received nothing, and beat the nation did not either. This was a stunt for one group. How could we spend so much on such a trivial thing like a dip in popularity numbers? Is it smart to anger a major ally, give other allies something to question America about in the future, or at the basic point go head-to-head with the second largest publicly traded energy company in the world (if A** Kicking, confiscation, receivership, unlimited liabilty, etc. is in store. Then wouldn't it be prudent to keep as many corporate assets for entering U.S. territory? I know if I was Hayward I might order an oil tanker or two to slow down and maybe divert toward Asia. I know I would definitely manage it in the future. I'd treat the U.S. like we treat Hugo Chavez.)

I believe as we all know the headline risk is mighty high in this stock and will only grow with the current government. The stock price is down and takeover target seems more likely as nearly $100 billion in market cap is being wiped out. I believe as the company goes toward that $100 billion the company will do something to right the stock (i.e. China investment? Spin off of U.S. Assets, etc.).

Disclaimers: GuruFocus.com is not operated by a broker, a dealer, or a registered investment adviser. Under no circumstances does any information posted on GuruFocus.com represent a recommendation to buy or sell a security. The information on this site, and in its related newsletters, is not intended to be, nor does it constitute, investment advice or recommendations. The gurus may buy and sell securities before and after any particular article and report and information herein is published, with respect to the securities discussed in any article and report posted herein. In no event shall GuruFocus.com be liable to any member, guest or third party for any damages of any kind arising out of the use of any content or other material published or available on GuruFocus.com, or relating to the use of, or inability to use, GuruFocus.com or any content, including, without limitation, any investment losses, lost profits, lost opportunity, special, incidental, indirect, consequential or punitive damages. Past performance is a poor indicator of future performance. The information on this site, and in its related newsletters, is not intended to be, nor does it constitute, investment advice or recommendations. The information on this site is in no way guaranteed for completeness, accuracy or in any other way. The gurus listed in this website are not affiliated with GuruFocus.com, LLC.
Stock quotes provided by InterActive Data. Fundamental company data provided by Morningstar, updated daily.